TMI Blog1991 (5) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... n of law has been referred to this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that, if the amounts were not statutorily payable in the accounting year, section 43B of the Income-tax Act, 1961, will not be applicable in this case ? " Shortly stated, the facts are that the assessee is a resident company and the assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal, relied upon the decision of the Hon'ble Gujarat High Court in the case of Lakhanpal National Ltd. v. ITO [1986] 162 ITR 240 and also on the decision of the Andhra Pradesh High Court in the case of Srikakollu Subba Rao and Co. v. Union of India [1988] 173 ITR 708. It was contended that the amounts shown as outstanding in the balance-sheet were not statutorily payable in the accounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fund was or was not statutorily payable in the accounting year relevant to the assessment year under consideration. If it is found that the amount was not statutorily payable in the accounting year as has been contended before us on behalf of the assessee, in that event, the provisions of section 43B will not apply in this case. We, therefore, direct the Income-tax Officer to ascertain whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee actually makes the payment of such liability of the quarter which ended with the previous year in question within the time prescribed by the statute, in such a case although the payment has been made subsequently, it must relate back to the year for which the deduction has been claimed and accordingly, the Tribunal was right in directing the Income-tax Officer to consider whether the Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th of the accounting year within 15 days after the closing of the accounting year. We, therefore, answer the question in this reference by saying that the Tribunal was right in holding that Central sales tax and U. P. sales tax, if not statutorily payable in the accounting year, section 43B of the Act will not be applicable but so far as provident fund is concerned, the Income-tax Officer will onl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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